Petrol and diesel prices across Indian cities have been increased for the second day in a row on Friday by oil marketing companies.
According to the IOC (Indian Oil Corporation) app, petrol prices per litre were revised to Rs 76.76 in Delhi, Rs 84.14 in Mumbai, Rs 79.42 in Kolkata and Rs 79.67 in Chennai. Diesel price per litre, on the other hand, was increased to Rs 68.43 in Delhi, Rs 72.61 in Mumbai, Rs 70.98 in Kolkata and Rs 72.24 in Chennai.
Fuel prices are revised on a daily basis by the state-run oil retailers at 6 am every morning. The changes are based on fluctuations in international crude oil prices.
Global benchmark Brent crude gained $1.05 to $72.67 a barrel on Thursday. On Friday morning, however (after the fuel price revision was done in India) the price eased by 36 cents or 0.5 percent due to an increase in production by the OPEC (Organization of Petroleum Exporting Countries) and their ally Russia.
Recent unexpected supply cuts from different oil producing countries pushed the price of crude oil higher. The OPEC and Russia have responded to the fluctuations with support by easing the tightness on their oil production that was maintained to control steep fall in rates.